Price Predictions 11/12: Btc, Eth, Xrp, Bnb, Sol, Doge, Ada, Hype,...
Bitcoin bulls tried to spark a recovery, but were met with heavy selling pressure near $107,000. A similar fate awaited most altcoins, which sold off from their respective resistance levels.
Bitcoin (BTC) bulls pushed the price above $105,000 on Wednesday, but the bears pounced on the rally and pulled the price below $102,000. That shows the bears are not willing to relinquish their advantage.
Morgan Stanley Wealth Management investment strategist Denny Galindo has turned cautious on the BTC rally. In a podcast episode titled Crypto Goes Mainstream, he said that BTC’s price cycle was in the “fall season,” where one should book profits before winter sets in.
Bitcoin turned down from $107,000, signaling that the bears are trying to flip the level into resistance.
Several major altcoins rebounded from their support levels but encountered strong selling pressure near overhead resistance levels.
A slightly different short-term view was presented by Dan Tapiero, the founder of 10T Holdings. In an interview with Cointelegraph, Tapiero said that the bull market remained intact and on track to reach $180,000 in its current bull cycle. However, he cautioned that BTC remained vulnerable to a 70% drop during the next bear phase.
What are the crucial support and overhead resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC’s relief rally hit a sell wall at the 20-day exponential moving average ($106,302) on Tuesday, indicating that the negative sentiment remains intact.
The bears will attempt to strengthen their position by pulling the price below the psychological support at $100,000. If they manage to do that, the selling could accelerate and the BTC/USDT pair could plummet to $87,800.
Contrary to this assumption, if the Bitcoin price rises from its current level or the $100,000 support, it suggests that the bulls have not given up. A break and close above the breakdown level of $107,000 signals that the bulls are back in the driver’s seat.
Source: CoinTelegraph
